Genmab Navigates Revenue Miss as 2026 Guidance Signals Strategic Pivot

Genmab’s Q4 2025 earnings call underscored a pivotal moment in the company’s evolution, characterized by a delicate balance between its legacy royalty streams and its burgeoning proprietary portfolio. Reporting a full-year revenue of $3.72 billion—a slight miss against the $3.77 billion consensus—the Danish biotech giant is facing the growing pains associated with heavy reinvestment into its commercial infrastructure. While the revenue miss of $50 million may trigger short-term market caution, the company’s GAAP EPS of $15.37 and its aggressive 2026 guidance suggest that the long-term thesis remains intact, centered on the successful scaling of its DuoBody and HexaBody platforms.

The bedrock of Genmab’s financial stability remains Darzalex (daratumumab), partnered with Johnson & Johnson. However, the 2025 results highlight the strategic imperative to diversify. Management emphasized that while Darzalex royalties continue to provide the necessary cash flow to fund internal R&D, the company is increasingly focused on its own commercialized assets, Epkinly (epcoritamab) and Tivdak (tisotumab vedotin). Epkinly, in particular, is being positioned as a cornerstone for Genmab’s independent future, with ongoing expansions into second-line DLBCL and follicular lymphoma. The transition from a royalty-collecting entity to a fully integrated commercial biopharma company is capital-intensive, which explains the reported drop in full-year profit as Genmab builds out its global sales force and marketing capabilities.

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Reporting a full-year revenue of $3.72 billion—a slight miss against the $3.77 billion consensus—the Danish biotech giant is facing the growing pains associated with heavy reinvestment into its commercial infrastructure.

A significant portion of the earnings discussion centered on the integration of ProfoundBio, which Genmab acquired in 2024 for $1.8 billion. This acquisition brought a suite of next-generation antibody-drug conjugates (ADCs) into the fold, most notably rinatabart sesutecan (Rina-S). Management noted that R&D expenses in 2025 were heavily weighted toward advancing these ADC candidates into late-stage trials. This investment is a clear signal that Genmab intends to lead in the ADC space, a high-growth segment of oncology that complements its existing bispecific antibody expertise. The market's reaction to the profit dip reflects a classic biotech trade-off: sacrificing current earnings for the potential of owning 100% of future blockbusters rather than sharing them with larger partners.

Looking ahead to 2026, Genmab’s guidance reflects a high degree of confidence in its pipeline velocity. The company is anticipating several key data readouts and regulatory milestones that could redefine its valuation. Analysts should watch for the continued uptake of Epkinly in the U.S. and Europe, as well as the progress of the HexaBody-CD38 program, which represents a potential successor to Darzalex. The company’s ability to manage its operating expenses while maintaining double-digit revenue growth from its own products will be the primary metric for success in the coming fiscal year. While the 2025 revenue miss provides a moment of sobriety, the underlying fundamentals of Genmab’s technology platforms suggest the company is well-positioned to weather the transition into its next phase of growth.